If you take action and try new things for your real estate business growth and marketing activity – you and your team will make mistakes. Many real estate companies and especially one’s just starting out can avoid these frequent missteps and consider methods to avert the problems.
Mistake 1: Sailing your boat without a destination. You hear “let us sail away into the sunset” with no destination in mind. That works in the movies but to stay alive you need more than a romantic sunset or an adventurous voyage. You need a plan. Take the time to thoroughly investigate your market and target customers, the competition and other basics, with a sound business model. Focus on answering one deceptively simple question: How will you make money?
Mistake 2: Selling way too cheap. Lowering your commission just to get a sale. Many agents are like that. They think lower commissions will catapult sales into the stratosphere and they will make more money. But it does not work that way! You must develop your ideal Unique Selling Proposition and position yourself in your local real estate market. Research the market and truly understand your buyers needs. Figure the dollars you need to walk away from every transaction. Marketing your houses can add up, and you don’t want to be on the short end when the house sells. Lesson: Don’t trade pennies for dollars.
Mistake 3: Clueless about marketing. Many agents confuse marketing with sales. Marketing is a unique item to position yourself and create and solidify your brand. You want to use your marketing material to demonstrate your expertise in your area and bring about a comfort level with your clients. Your marketing material should overcome the objections that potential clients are likely to have, so when it’s time to close the deal there won’t be any last minute problems. Lesson: Don’t try to close deals before getting your message to potential consumers.
You will make mistakes but your action and planning can limit your exposure to the most common and sometimes simple mistakes that hurt real estate agents. Planning provides enlightened and creative intelligence to your business growth. Without planning, in the middle of a crisis your cognitive powers are not as bold. Also, it is far easier to seek impact, experienced, and knowledgeable assistance with a written plan.
